我国对美农产品加征关税，影响几何？

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The Chinese government has announced a 15% tariff on certain U.S. agricultural products, including chicken, wheat, corn, and cotton, and a 10% tariff on others like sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. The overall tariff on agricultural products is expected to rise to approximately 37%-60%, with soybeans facing a tariff rate of about 38% [2][3] - The report suggests that the tariff increase may slightly benefit domestic soybean prices while negatively impacting U.S. soybean prices. The reliance on U.S. soybeans has decreased significantly since 2018, with imports dropping from 33 million tons to 22.13 million tons by 2024 [3] - Corn is the only product with a tariff increase higher than in 2018, with the new tariff rate reaching 41%. The report anticipates a continued rebound in domestic corn prices due to reduced imports of corn and sorghum, which is a substitute for corn [4] Summary by Sections Tariff Impact - The new tariffs will lead to a significant increase in the effective tariff rates on various agricultural products, with soybeans facing a 38% tariff and corn a 41% tariff [2][10] - The import dependency on U.S. soybeans has decreased, which may limit the impact of the tariffs on domestic prices [3] Market Recommendations - The report recommends focusing on the corn seed sector, specifically suggesting stocks like Donghai Seed Industry and Longping High-Tech as potential investment opportunities [4][12] - The expected rebound in domestic corn prices is attributed to the anticipated reduction in imports of corn and sorghum [4]